Where can I find other interest-free student loans?
This need- and merit-based scholarship is available to children of military families pursuing their first undergraduate degree. MOAA reviews applications based on your academic record, extracurriculars and financial need.
If you qualify, you can renew the loan for up to five years, as long as you’re registered as a full-time student. Unlike some other interest-free loan programs, you can apply and repay your loan online. Renewal also doesn’t require a full application – you just need to upload your transcript and submit a renewal form online.
5. Evalee C. Schwarz Charitable Trust for Education
This merit- and need-based loan is one of the few available to both undergraduate and graduate students. But eligibility requirements can be hard to meet: You must have a high class ranking and be in the top 15% of nationwide standardized tests. Your family also can’t be expected to contribute more than $5,486 after completing the FAFSA – meaning you must complete the FAFSA before you can apply for this loan.
You can download the application from the Evalee C. Schwarz Trust for Education website. In addition to completing and mailing in the form, applicants must write a personal essay and submit three letters of recommendation. All loans come with a 10-year graduated repayment plan with monthly repayments that increase each year.
6. Central Scholarship
This need-based loan is available to low-income students in Maryland or the Baltimore area. You can use it pay for an undergraduate, graduate or professional degree. How much you receive varies by need, though most borrowers get $4,000 per year. Central Scholarship has a strict cosigner requirement, so skip this one if you don’t have anyone to share the responsibility of repaying the loan. Read more